SPACs are hot. We all know that. And now one of OurCrowd’s portfolio companies is going public via a $1.4 billion SPAC. Innoviz, a LiDar startup in the autonomous vehicle tech sector, saw the company acquired in a SPAC deal this past week.
Omer Keilaf, Innoviz co-founder and CEO, told CNBC they have been working on completing the deal over the past four months. Innoviz received $150 million from the blank check company – enough money to get to cash flow positive says Keilaf. He also adds that having the funding reassures OEMs using their product – something they expect to increase in the coming months. Innoviz was selected by BMW over three years ago and is now ramping up high volume production, according to Keilif. Other OEMs are in the works too.
Innoviz will become publicly listed through a business combination with Collective Growth Corporation (NASDAQ: CGRO) in a transaction sponsored by Antara Capital LP and Perception Capital Partners LLC
Overall, the transaction is expected to provide up to $350 million in gross proceeds comprised of Collective Growth’s $150 million of cash held in trust, assuming no redemptions by public stockholders, and a $200 million fully committed ordinary share PIPE at $10.00 per share, led by Antara Capital and includes strategic investments from Magna International, Innoviz’s Tier-1 partner, Phoenix Insurance and other institutional investors.
OurCrowd investors backed the firm in 2017 raising $2,777,867. A valuation from three years ago was not immediately available but clearly, the company has appreciated in value since the OC round.
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